Miles Capital Inc. trimmed its position in shares of Veeva Systems Inc (NYSE:VEEV) by 33.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,467 shares of the technology company’s stock after selling 732 shares during the period. Miles Capital Inc.’s holdings in Veeva Systems were worth $238,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in shares of Veeva Systems by 15.9% in the fourth quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock worth $116,693,000 after buying an additional 179,262 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Veeva Systems by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 266,853 shares of the technology company’s stock worth $23,834,000 after buying an additional 4,441 shares during the period. Comerica Bank boosted its holdings in Veeva Systems by 40.8% in the 1st quarter. Comerica Bank now owns 7,708 shares of the technology company’s stock worth $1,048,000 after buying an additional 2,233 shares during the period. Carillon Tower Advisers Inc. bought a new position in Veeva Systems in the 1st quarter worth $2,981,000. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in Veeva Systems by 7.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 10,697 shares of the technology company’s stock worth $1,357,000 after buying an additional 770 shares during the period. 77.17% of the stock is owned by institutional investors and hedge funds.
Shares of Veeva Systems stock traded down $3.15 on Friday, reaching $139.75. The company had a trading volume of 1,050,349 shares, compared to its average volume of 1,618,659. The firm’s 50 day moving average price is $160.61 and its two-hundred day moving average price is $147.77. The firm has a market cap of $21.37 billion, a PE ratio of 112.70, a PEG ratio of 4.70 and a beta of 1.32. Veeva Systems Inc has a 52-week low of $79.26 and a 52-week high of $176.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.23 and a current ratio of 4.23.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. Veeva Systems had a net margin of 29.72% and a return on equity of 18.10%. The business had revenue of $266.90 million for the quarter, compared to the consensus estimate of $259.35 million. During the same period in the previous year, the firm earned $0.39 EPS. The business’s revenue was up 27.3% on a year-over-year basis. As a group, sell-side analysts predict that Veeva Systems Inc will post 1.62 EPS for the current year.
Several research analysts have commented on the stock. Canaccord Genuity increased their price objective on shares of Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Goldman Sachs Group initiated coverage on shares of Veeva Systems in a research note on Friday, June 7th. They set a “neutral” rating and a $151.00 price objective on the stock. Stephens increased their price objective on shares of Veeva Systems from $155.00 to $185.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. KeyCorp raised their target price on shares of Veeva Systems from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Finally, Bank of America raised their target price on shares of Veeva Systems from $160.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Veeva Systems currently has a consensus rating of “Buy” and a consensus price target of $167.06.
In other news, CFO Timothy S. Cabral sold 586 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $163.47, for a total value of $95,793.42. Following the completion of the transaction, the chief financial officer now owns 1,175 shares in the company, valued at approximately $192,077.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy C. Barabe sold 727 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $167.19, for a total transaction of $121,547.13. Following the completion of the transaction, the director now owns 8,619 shares of the company’s stock, valued at approximately $1,441,010.61. The disclosure for this sale can be found here. Insiders sold a total of 70,791 shares of company stock valued at $11,427,094 in the last quarter. Insiders own 14.38% of the company’s stock.
Veeva Systems Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.
Further Reading: Are sell-side analysts objective?
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